OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-07-31-accounts

Company registration number: 07623917 Registered charity number: 1142616

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

FINANCIAL STATEMENTS

31 JULY 2025

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

CONTENTS PAGE
Trustee and Union Information 1
Report of the Trustees 3
Independent Auditors' Report to the Members 19
Statement of Financial Activities 23
Balance Sheet 24
Cash Flow Statement 25
Notes to the Financial Statements 26

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

TRUSTEE AND UNION INFORMATION

Abigail Beavan SU Representative (appointed 1 July 2025) Avery Greatorex SU Representative (appointed 1 July 2025) Chak Yee SU Representative (appointed 1 July 2025) Molly Martin SU Representative (appointed 1 July 2025) Luke Fitzgerald President (resigned 30 June 2025) Joseph Bigland Vice President Welfare (resigned 30 June 2025) Charlotte Lastoweckyi Vice President Education (resigned 30 June 2025) Sophie Barratt Vice President Activities (resigned 30 June 2025)

Additi Nema Student Trustee (appointed 17 April 2025) (resigned 8 December 2025) Arjun Kumar Student Trustee (appointed 8 December 2025) Karen Mansfield Student Trustee (appointed 8 December 2025) (resigned 4 March 2026) Laura Kenny Student Trustee (appointed 8 December 2025) Manya Raj Student Trustee (appointed 28 November 2024) (resigned 8 December 2025) Sophie Wilson Student Trustee (appointed 17 April 2025) (resigned 15 July 2025) Syed Manan Student Trustee (resigned 22 August 2024) David Lo External Trustee (appointed 17 April 2025) Emma Sims External Trustee (resigned 20 April 2026) Camilla Duncan External Trustee (appointed 17 April 2025) Dani Beckett External Trustee

COMPANY SECRETARY

G Wright

KEY MANAGEMENT PERSONNEL

Chief Executive Officer S Hartley Director of Operations & Activities J Russ (resigned 20 April 2026) Director of Finance and Services G Wright Director of Membership Voice H Mason

- 1 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

REGISTERED OFFICE 24 Fylde Road Preston Lancashire PR1 7BY AUDITORS DJH Audit Limited Statutory Auditor Pacific Chambers 11-13 Victoria Street Liverpool L2 5QQ BANKERS HSBC 49a Fishergate Preston PR1 8BH

- 2 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

The Board of Trustees are pleased to present their Annual Report for the year ended 31st July 2025 which includes the information set out on page 1 of this report, together with an account of activities and impact and the audited accounts for that year.

During this period, as a result of the University’s change of name we changed the name of our own organisation from University of Central Lancashire Students’ Union to University of Lancashire Students’ Union.

In September 2024, the Students’ Union launched its new strategy for the next three years. Co-created with Union staff and developed from student feedback and insight, we set our strategic mission to support students to live well and learn more at university. To see our students thriving means that we need to be as well, and to be a thriving organisation we spent time creating a solid strategy to support our mission, vision and values.

OUR MISSION

The Union’s mission is ‘to make student life the best it can be’ with the following long-term aims: -

The Union has activities and services for use by members and to support work with the University and other organisations on behalf of students. These include support for student representation throughout the University, the Union’s independent Student Advice Centre, the Union’s Activities Office supporting club, society and volunteering activities, Pulse Student Media, induction activities including ‘Welcome Week’ and connecting students to discounts through Totum. The Union also offers space for students to socialise, relax and purchase food and drinks via our social enterprise outlets and social spaces.

The Union, when reviewing or planning its activities, considers the Charity Commission’s general and relevant guidance on public benefit and has complied with the duty in Section 4 of the 2006 Charities Act to have due regard to guidance on public benefit published by the Charity Commission.

UNION ACTIVITY

While we set our overall mission, three key areas of priority came from the student feedback.

- 3 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

We're focussing on these three core missions over the next 3 years, shaping our work and activity around them with clear measurables put in place to track our progress and ensure we’re delivering positive impact for our members. We have highlighted below the work that’s happened so far in relation to our core missions, hero projects and more:

Tackling the Cost of Study

Our Strategic Goals:

The rising cost of studying, covering everything from basic living expenses to essential learning materials, can create significant barriers to students’ success and wellbeing. Financial pressures not only risk undermining academic performance but can also impact mental health, retention, and equality of opportunity. By proactively addressing these challenges, the Students’ Union helps ensure that all students can fully engage with and benefit from their university experience.

Period Poverty Campaign

In the previous academic year, a student submitted a ‘Big Idea’ to be voted on by students to lobby the University to support the Students’ Union initiative in tackling period poverty. This year, the Period Poverty Campaign has grown into a full partnership with the University, who committed to funding the products needed across the Preston, Burnley and Westlakes campuses. The campaign tackles the financial barriers students face in accessing menstrual products by providing free period products in all ground floor bathrooms. While a lot of the work on this so far has been behind the scenes, we have designed a range of Period Poverty campaign assets, now being rolled out across campus – including posters, stickers, and other visible materials. This initiative not only addresses affordability but also works to break down the stigma surrounding period poverty, ensuring no student has to choose between their education and their health.

Essentials Hub

The Essentials Hub is a joint project between the Students’ Union and UCLan’s Centre for Volunteering and Community Leadership (CVCL), designed with two core aims: to reduce food waste by redistributing surplus food and to offer affordable essentials to students impacted by the rising cost of living. For £5 per week, students receive a shop valued at approximately £30.

To launch the project, we focused on a referral-based system – working with University Student Support who would refer those students most in need, while offering other wrap around support.

- 4 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

One student said: “At a time when we are in a cost-of-living crisis, and I was especially struggling with university expenses, the initiative has been extremely helpful, more than I could have hoped for. They merit my deepest gratitude.”

We have launched the Essentials Hub brand, including in-store signage and a suite of marketing materials to raise awareness across campus. With the success of the Essentials Hub so far meaning we’re now able to expand the offer to more students in 2025/26.

Activity Hardship Fund

Student Groups play an incredibly important role in boosting wellbeing and supporting retention. While we’re able to provide free or low-cost activity, there are some groups which come at a financial cost to students. We want as many students as possible to feel part of a community and able to join in a student group they love, which is why we provide grants to help students get involved, especially where finance is a barrier.

Our Student Group Support Grant is available to all our affiliated groups. This year we have supported £30,000 of activity by providing grants to our groups who have been able to put it towards activities, events or equipment their group needs – at no cost to their members. We're really pleased we've supported more students than ever this year through our grant pot, with 98% of the fund being utilised.

To support individuals in joining Student Groups where there’s a cost to membership, our Access to Activity Fund has given out a total of £2905. Enabling these students to join their group and participate without the financial barrier.

Social Enterprise

Our Social Enterprise offer continues to benefit students both through discounted services and employment opportunities. This year, we employed around 30 students and look forward to increasing that number with the upcoming relaunch of our iconic live music venue, 53 Degrees.

We’re still the proud home of Preston’s cheapest meal deal in the Union Café, which offers a classic range to customers for just £2.99. This sits alongside regular deals and discounts in both the Café and Lampworks ensuring customers can access good food on campus.

Part-Time Working for Students

Most of our workforce are part-time students who work across all Students’ Union departments, supporting us in delivering our services and activities. This year we’ve employed 70 students and paid over £200,000 in wages, providing a range of roles and experiences to not only support our students financially, but also provide them with work experience opportunities and development.

This year we also went through a review of our representative and democratic structures, part of this exciting change was the move to having four part-time, paid Union Representatives who are current students. We will also be moving to a community organising model which will create more paid opportunities for current students.

- 5 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

Boosting Student Wellbeing

Our Strategic Goals:

Student wellbeing is fundamental to a positive and successful university experience. Good mental and physical health underpin academic achievement, personal development, and a sense of belonging within the university community. At a time when students face increasing pressures—from academic demands to financial challenges—boosting student wellbeing is more crucial than ever.

Stay the Course Campaign

Led by VP Education Charlotte, the Stay the Course campaign focused on supporting students with practical advice on managing finances and balancing work with study. Designed to combat loneliness, isolation, and reduce the week 7 drop-out rate, we worked in collaboration with the University’s Student Achievement Services. The campaign also featured "Advice and a Slice"—a relaxed session where students could chat with Advisors over pizza, making it easier to seek guidance in an informal setting.

Consent is Sexy! Get Explicit Campaign

Championing healthy attitudes towards sex and consent, VP Welfare Joe led the Consent is Sexy! Get Explicit campaign. Over 1,500 safe sex items and educational materials were distributed in halls and local venues. The campaign aimed to dismantle stigma, encourage open conversations about consent, and support students’ wellbeing. This initiative was a proactive response to sector-wide work on addressing sexual harassment and violence, especially during the Welcome Week period. This campaign led to further discussions on how we can bring more awareness to students about consent and Joe has continued to work with University Student Services throughout the year, collaborating on a student-led training package for the next academic year.

Claim Your Space Campaign

We believe in fostering an inclusive, supportive and empowering environment for all students. That’s why we’re incredibly proud of our Claim Your Space campaign, spearheaded by VP Activities, Sophie. This campaign aligns with our broader mission to protect student wellbeing. By advocating for inclusive spaces, we are taking meaningful steps toward breaking down barriers and fostering a culture of empowerment. For many women and non-binary students, traditional gym spaces can feel intimidating or unwelcoming. Concerns about safety, comfort and accessibility often create barriers to participation in physical activity. Claim Your Space is designed to address these challenges and ensure that all students feel confident and supported in their fitness journey. This initiative has been a game-changer in offering a safe and accessible environment for women and non-binary students to engage in physical activity without barriers on campus.

- 6 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

Mitigating Circumstances Reform

VP Education Charlotte and VP Welfare Joe spearheaded the Mitigating Circumstances campaign, focusing on reforming the process for students applying for assessment extensions due to unexpected challenges like illness, accidents, or bereavement. Students raised concerns about a confusing application process, excessive evidence requirements, and a lack of compassion. Through surveys, focus groups, and personal stories, students called for clearer guidance, reduced documentation demands, and the introduction of selfcertification for short-term issues. In response, the university has committed to reviewing the process to create a more accessible, fair, and supportive system—particularly for international students, who were previously less likely to engage with it.

Providing Independent Advice

One of our core functions as a Students’ Union is providing independent advice to students. A total of 805 new cases have been opened so far this year, with an additional 193 carried over from the previous year. There has been a noticeable shift in the nature of cases, with issues becoming increasingly complex and students requiring more in-depth support— reflected in a 31% increase in case records over the past three years. This trend aligns with wider sector findings, as highlighted by the ACSU (Advisors and Caseworkers in Students’ Unions) Network and the NUS’s Big SU Survey Advice Report 2024 , where 90% of advisors reported dealing with more complex cases. To help combat this, the Advice Service and Communications Team are working collaboratively on a new suite of literature for the service, beginning with content on Academic Misconduct – which we launched in conjunction with the Spring assessment period. The team introduced ‘Adders & Ladders’ to this year’s Study Break activities, an interactive game for students to play to better understand Academic Misconduct.

Building Communities through ‘Get Togethers’

Our ‘Get Togethers’ provide safe spaces, a taste of home, and moments of fun for students from diverse communities. This year, 12 Get Togethers brought together Black Students, Disabled Students, LGBTQIA* Students, Commuting Students, International Students, Mature Students, and Student Parents and Carers. These events foster belonging, connection, and celebration of identity within a supportive environment, contributing to a more inclusive and welcoming university community. The Get Togethers have been an important piece of work over the last few years and have been a fantastic starting block as we aim towards a community organising model.

Student Groups & Activity

This year we were proud to support 182 Student Groups, including 58 brand-new ones. We’ve had 2984 students join a club or society and participation in student groups has had a significant positive impact on students' sense of belonging and connection. In a recent survey, 72% of Student Group members said that being part of their group has helped them make friends, while 82% reported that it has made them feel part of a community. These findings highlight the vital role that student groups play in fostering social connections and creating a supportive, inclusive environment. One student said: “Being in a student group has created a lot of friendships I will treasure, even after graduation. I have gained so many skills and so much confidence, it has become a crucial part of my university experience, and I couldn’t imagine Uni without it!”

- 7 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

While another said: “It has improved my university experience so much, I didn’t join any in my first year and I really missed out by not doing so, I am really enjoying second year now being more involved.”

To support our Student Groups, the Communications Team created the online Badge System, architected by the Engagement Team, featuring brand-new templates for student group web pages, a leaderboard and additional elements designed to drive engagement.

Social Sport

Competitive sport isn’t for everybody but that’s why it's important to have a social and recreational sport offer for students. Social Sport boosts wellbeing, builds community, and offers a fun, accessible way for students to stay active - contributing to better mental and physical health.

Our most popular Sports Club this year was the Students’ Union League (SUL) 11-a-side football, with 209 students being a member of a team in our recreational league. One Men's SUL football team is now going to compete in BUCS for 25/26 season!

In a recent Sport at UCLan survey, 61% of respondents said they "strongly agree" and 38% "agree" that they feel part of the sports community. When asked about wellbeing, 58% "strongly agreed" and 38% "agreed" that sport at university contributes positively to their wellbeing. Additionally, 94% of students reported that being part of a sports club enhances their overall university experience.

One participant shared: "Joining and playing in the SUL has been a great part of my time at UCLan. It made it easy to meet people and make friends, which was especially nice since I was new here. Everyone was super welcoming, and playing football together every week— especially in a different country—was so much fun and definitely added something really special to my stay in England."

Increasing Attainment

Our Strategic Goals:

Academic Representation

Through the Unitu platform, over 697 pieces of student feedback were collected and actioned this year, with 159,347 views recorded. Unitu remains the key platform for amplifying the student voice, enabling students to share concerns, suggestions, and ideas that help shape their academic experience. The Students’ Union supports this process with admin assistance, training for representatives, behavioural guidance, and continuous collaboration with Student Achievement Services to drive improvements.

All 20 School Presidents and 531 Course Representatives have played a key role in supporting student voice through their advocacy and guidance.

- 8 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

Academic Experience

The Golden Roses celebrate excellence by recognising the outstanding contributions of university staff, Course Representatives, School Presidents, and academic societies. This year saw a record 1,294 nominations—a 29% increase from last year—as students highlighted exceptional teaching, support, and leadership that enhanced their academic journey. The Golden Roses provide valuable insight into what students view as high-quality teaching and value for money, shining a spotlight on those who go above and beyond to support academic success.

Race Equality Charter

We are pleased to celebrate the news that this year, the University was awarded the Bronze Race Equality Charter (REC) Award – an important step in the journey towards greater race equality and inclusion. We've been proud to contribute to this, working alongside students and staff to help shape the University’s commitments to tackling racial inequalities. While this recognition is a positive milestone, the focus now is on action. The University has identified six key priorities and more than 250 actions to drive progress over the next five years, ensuring that race equality remains a priority across all areas of student and staff experience.

Getting ‘Grad Ready’

This year, we’ve had 1059 unique Union volunteers across all departments! We enhanced our Grad Ready volunteering hours logging scheme by introducing new incentives, including early access to Sports Ball tickets for Sports Committee members, funding for society groups, and UCLan merchandise for Course Reps. These incentives led to a significant boost in engagement, with 8,035 hours logged—equating to over £91,500 in volunteer time (based on the National Living Wage for workers aged 21 and over). We saw a 43.3% increase in hours logged overall, with 244 volunteers contributing towards the Grad Ready Award, marking a 74.2% rise in participants.

Notably, 30 students achieved the Gold Grad Ready Award by completing 90 hours. There was also a 132.1% increase in Sports students logging hours and a 79.6% rise in Sports volunteering hours recorded, demonstrating the success of the scheme in engaging previously hard-to-reach volunteers.

Pulse Media

This year, Pulse Media returned and achieved several exciting milestones. As we continue to re-develop and grow this opportunity, a total of 35 students engaged with the platform this year, contributing to the creation of five blogs and a student reflection piece in collaboration with the Essentials Hub. The team recorded six podcasts, reignited two social media platforms, and successfully hosted one live event, marking a strong year of student-led media and creative output. All of which have boosted and developed creative and media production skills for both non-media and media related students.

Hero Projects

Alongside our strategy, there are key projects and initiatives which are core to what we do and offer as a Students’ Union. For this year, we prioritised several Hero Projects, which would be project managed by staff and Officers across the organisation. Each project had its own goals and successes, but all delivered positive impact for our members.

- 9 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

Elections: The Students' Union elections were a success, with 66 candidates standing for 14 new roles. This year’s Elections were different than previous year’s and came off the back of our representation review, where we would be entering a new era and electing 4 part-time Union Representatives and 10 School Representatives. A total of 2,229 voters cast 3,993 votes, an increase on last year’s turnout. A huge positive is that we had candidates for all 10 School Representative roles. There have also been a greater range of candidates including an increase in candidates from Burnley Campus, parttime students, Postgraduate students and a Nursing student who ran for Union Representation.

Study Break: Study Break has been bigger than ever this year, with over 60 events happening over a 4-week period. The Caffeination Station in the Library fed and watered an average of 150 students a day, and funding for free breakfasts was arranged across all 3 campuses during the exam period thanks to the University. Event highlights include newfoundland dogs from a water rescue charity, ‘crafternoons’, meditation sessions and of course the alpacas returned for another year! Study Break signed off in style with a free, end of exam celebration. ‘Study Fest’ was a partnership event with Student Services and seen 500 students join us for carnival games, treats and more.

Varsity: This year’s edition was the biggest and best in the history of the sporting competition between UCLan and Edge Hill University. We transitioned from a one-day event into a three-day sporting extravaganza held across multiple venues. The project team wanted to create a sense of belonging through competitive sport and through the inclusion of more people than ever before in the planning, we were able to achieve some great things! Over 400 (including the Mayor of Preston and University’s Vice Chancellor) attended the Varsity Rugby matches and over 300 attended the Basketball fixtures. The third and final day seen 20 fixtures taking place across 5 venues, and we only went and won it! A key takeaway from this year’s event was working in partnership with the Sports Journalism course, who’s students were able to cover the event. A project that directly benefited their academic progression and provided opportunities for live event broadcasting experience.

Student Training and Development: This year saw us add specific student staff awards into our ACES based on our Union values. 14 different student staff members were nominated across the 6 categories, and they also enjoyed celebrating with us and the other Union volunteers at the ACES Celebration Event.

This year, Social Enterprise rejoined the NUS Training Academy which enabled our 30+ staff to obtain accredited qualifications that will support their employment with us, but also future prospects.

Welcome: The Welcome period is a key part of the academic calendar and with there being three main course entry points throughout the year, we planned Welcome activity for September, January and April starters. We had a packed programme of activity with a diverse range of events to meet the needs of our different communities. We also linked our Get Together events with our Welcome programmes, enabling students to find their communities. Targeted events for Nursing, international, Postgraduate, mature and student who are parents and carers all took place, with bespoke activity based on their needs and interests.

- 10 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

For September 2024 Welcome, the Students’ Union achieved more positive ratings across all parameters than in 2023. Welcome survey respondents said there was more agreement that it helped students to meet others (2024 - 68%, 2023 – 50%) and that the Students’ Union had contributed positively to their Welcome (2024 – 88%, 2023 – 82%).

Enabling Plans

Our five enabling plans are vital to delivering our strategy, providing the core foundations needed to turn vision into action. By focusing on these plans, it will help us be well-positioned to achieve our long-term goals.

Our plans are:

While there has been work on all these enabling plans in the last year, we have made significant progress in Democracy & Governance.

Democracy & Governance

This year, we worked with an external consultant to deliver a Representation Review, which has led us to make significant changes to our democracy and governance structures. The changes have enabled us to be more relevant to our members, create less bureaucratic structures and ensure students’ priorities are front and centre.

A change from Full-Time Officers to Part-Time Students’ Union Representatives seen an increase in nominations during the elections, while providing us with a more varied candidates from across the student body. This change in role also allows us to put current students at the heart of our decision making, while offering them a paid opportunity. The review also highlighted students wanting to feel and belong to a community of people like them, whether it's around their academic experience or their identity – bringing people together is more important than ever. We’ve used this feedback to move to a community organising approach for the new academic year, working with Citizens UK. Paying student community organisers to support different communities, rather than relying on individual volunteers to hold the weight of their entire community. This change will put the power back into students’ hands so they can create change together, on issues that are the most important to them. Partnering with Citizens UK also allows us to work with the wider Lancashire community, building connections which will influence and support our students. Students’ Council has been a huge part of our decision-making body and will continue to be so. However, students haven’t been able to engage with it properly and don’t understand what it is. Our new Students’ Council with have the recognised communities at the heart of it, each having the power to influence change and be part of the democratic proceedings – opening up a once exclusive meeting to the wider student body.

The Representation Review has been a significant piece of work this year which has enabled us to think differently and next year, we will be able to share the first year of impact from these changes.

- 11 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

PLANS FOR THE FUTURE

Over the coming year, the Students’ Union will focus on continuing to embed its community organising approach, with the aim of extending our reach and engaging a broader and more diverse range of members than ever before. This includes building our understanding of effective organising practice and applying this learning to strengthen our democratic and representational structures, ensuring they remain relevant, inclusive, and responsive to student needs.

Alongside this, we will prioritise the development of our academic representation work. Following recent changes to the staff structure, we now have greater clarity and focus in how we support course-level representation, enabling us to meet students where they are and respond more effectively to the issues that impact their academic experience.

We will also continue to invest in student life, delivering a broad and inclusive programme of events and activities designed to build community, support wellbeing, and enhance the overall student experience. In the context of ongoing cost of living pressures, we will maintain a strong focus on providing accessible, low-cost or free opportunities for students to connect, alongside targeted support and initiatives that help reduce financial barriers to participation.

In a challenging financial environment, we will remain focused on sustainability, ensuring that resources are directed towards areas of greatest impact for students. This includes maintaining a strong focus on value for money, exploring opportunities to diversify income, and continuing to work in partnership with the University to maximise the support available to our members.

STRUCTURE AND GOVERNANCE

For the period represented by these accounts University of Lancashire Students’ Union (previously University of Central Lancashire Students’ Union) operated as a company limited by guarantee (Company No. 7623917) and as a registered charity (Registered Charity No. 1142616). The Governance of the Union and its powers are set out in the Articles of Association.

The Union operates on democratic principles with a Students’ Council having the powers to approve the general policy of the Union and to represent the voice of students at the University. The Students’ Council membership comprises the Student Union Representatives together with representatives of student communities, demographics, and academic schools.

In the period covered by this report the Union was governed by its Board of Trustees comprising of elected students, students appointed by the Board and External (Lay) Trustees. This arrangement ensures that the Board has the diverse range of skills, knowledge and experience needed in order to carry out its role effectively. The elected officer roles of Union President, Vice President Education, Vice President

- 12 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

Welfare and Vice President Activities were full-time paid posts and remunerated as authorised by the 1994 Education Act. Other Trustee roles are volunteers.

The Trustees receive an induction into their legal and administrative responsibilities, participate in learning and development opportunities offered by the National Union of Students (NUS) and others and have on-going training to ensure they are sufficiently well informed to carry out their responsibilities.

The Board of Trustees has delegated responsibility for the day-to-day running of the Union to the Chief Executive Officer, Stefanie Hartley, through a Statement of Delegated Authority (SODA). The Trustees of the Charity receive regular reports from the Chief Executive and senior managers and review the Union’s performance.

The relationship between the Board and the Chief Executive is fundamental to effective governance and management of the Union. It is the responsibility of the Board to ensure that the Chief Executive has clear objectives, to review performance and consider the development of their employees alongside that of the charity. One element of this is to ensure that the CEO is appropriately remunerated, and that the basis of this remuneration is understood by the Board and CEO. The Board has undertaken a review of salaries and benefits paid to CEOs in Students’ Unions and the voluntary sector in order to establish a suitable level of remuneration.

RISK MANAGEMENT

The Board of Trustees has examined the major strategic business and operational risks faced by the Union. The Union has a risk register that is reviewed and updated on a regular basis. Where appropriate the Union has established systems or procedures to mitigate the risks the charity faces.

Budgetary, fraud and internal control risks are minimised by the implementation of procedures for the authorisation of all transactions and projects. Procedures are in place to ensure compliance with health & safety of staff, volunteers, and participants in all the activities organised by the Union. These procedures are reviewed periodically to ensure they are effective and continue to meet the needs of the charity. The Union has not suffered any serious incident to be reported to the Charity Commission and internal controls have been reviewed and are found to be adequate.

THE RELATIONSHIP BETWEEN THE UNION AND UNIVERSITY OF LANCASHIRE

The Union receives a grant from the University and occupies buildings owned by the University. The University also pays for utilities, caretaking and cleaning staff as well as providing support for ICT networks, health & safety advice, HR advice and telecommunications. This non-monetary support is integral to the success of the Union and to the relationship between the University and the Union. In the current

- 13 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

year, reflecting the requirements of the SORP, this non-monetary support is included in the Union’s Accounts.

In order to strengthen and deepen our partnership in 2017 the President of the Union, Chair of the Board of the University, the University Vice-Chancellor, and Union’s Chief Executive Officer signed a Partnership Agreement. Based on guidance from the NUS (National Union of Students) and Association of University Chairs the partnership agreement codifies how the two bodies will work together in their mutual interest.

AFFILIATIONS TO OTHER BODIES

The Union affiliates to several organisations in order to benefit from training, professional development opportunities and information including Advice UK.

The University itself affiliates to the National Governing Bodies for many sports; however our clubs affiliate directly for the following sports: Archery, Ju-Jitsu and Mountaineering to facilitate student sport participation and inter-university competition.

The Union also affiliates to the National Union of Students (NUS UK) for the national representation of student’s interests and the wider range of benefits, support, and cost savings it receives. The Union is an active participant in NUS UK and NUS Charity and their related companies to ensure that the organisation continues to function effectively on behalf of members. The Trustees have reviewed the cost and benefit of NUS membership and are content that there is significant net benefit from our involvement.

FINANCIAL REPORT

Net Operating result for the year 2024/25

The net operating deficit for the year is £95K (surplus £89K for the previous year). In addition, the unwinding of the pension deficit generated £206K (2024 : £48K cost) giving an overall net surplus of £111K (surplus of £41K in the previous year).

Accounting for the Union’s share of the Students’ Union Superannuation Scheme (SUSS) can be affected by external factors including an estimate of the real value of future contributions to the deficit. The actuaries had already increased the recovery period by two years to May 2037. This scheme is now closed to new employees and the majority of current staff are in an auto-enrolled scheme in which contributions have remained at 5/6%. The Union’s policy is to match employee contributions up to 6%.

- 14 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

Average core staff numbers remained broadly static but with an increase in student staff; however a re-structuring took place at the end of the financial year resulting in 5 redundancies. Staff costs, reported in note 12, increased to £1.574M (2024 : £1.258M), representing 53% of operating expenditure (2024 : 46%). Expenditure on student wages increased from £160K to £214K supporting students to finance their university education whilst gaining employability and life skills along the way.

The financial statements reflect the value attributed to the accommodation and services provided to the Union by the University in 2024/25 of £750,346 (2024 : £664,301); this is reported as a benefit in kind as both restricted charitable income and charitable expenditure.

The Union’s clubs and societies operate within agreed delegated authorities though the Union is responsible for reporting income collected and spent. In the year, clubs and societies deposited £139K and expended £153K; the Union provided net grants to clubs and societies totalling £12K. Balances carried forward at the end of the year totalled £89K (2024 : £92K). In addition funds of £24K were held for specific Student Union Projects.

Notes 3 to 12 provide detailed analysis of income and expenditure during the year with previous year’s comparisons.

Membership services comprise all the direct services and support provided to students including representation, advice services and engagement activities such as volunteering, social and sports. Total costs have increased from £2,004K to £2,211K demonstrating levels of activity have been maintained throughout the year.

Primary Purpose Trading comprises our social enterprise activities. The SU Café has continued to be popular and it is hoped its customer base will continue to grow. The SU Bar, “Lampworks” provides a safe space for students to enjoy. By investing in social enterprise we help a lot of students fund their education through part-time work, meeting friends at work and gaining work experience. We strive to be a good employer, so Students recognise this as they encounter different employers throughout their career.

Balance Sheet at 31 July 2025

The Balance Sheet shows negative net funds of £853.8K (2024: £964.6K). The reduction in the negative net fund reflects the overall surplus of £110,853 (2024 : surplus of £41,375). The Trustees are aware of the issues surrounding the pension liability and recognise it as a long-term issue rather than an immediate risk. The fact that the scheme is closed provides some degree of risk management with respect to

- 15 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

the liability, however, the Trustees make sure that both Trustees and Officers keep up to date with all issues that impact on the scheme.

Note 20 shows the detailed breakdown of accumulated funds held by the Students’ Union. Some funds are restricted in their use as they are linked to specific income received in previous years which can only be used for the purposes for which it is given.

Restricted funds include balances on club & society accounts which are held by the Union, on behalf of the groups, for use on their specific activities. The constitution of the groups allows the Union to archive groups which are inactive for 2 years and close those which are inactive for 3 years; such funds are transferred to either an archive designated reserve or a Club/Society bidding designated reserve. This ensures funds are utilised to benefit students and current groups are supported.

The SUSS pension deficit of £916K is a negative restricted fund, which the Union recognises separately for clarity and its unique nature.

Unrestricted funds represent accumulated reserves which can be applied at the discretion of the Union, providing a measure of flexibility and resilience should the Union encounter financial challenges in any particular year. This year general reserves have fallen from £115K to a negative balance of £85K principally as a result of cash transfers to the SUSS pension of £101K and redundancy payments (for which the University is making a contribution as part of the 2025/26 block grant.)

The Union has for several years benefited from an HM Revenue and Customs (HMRC) catering concession which allows for the treatment of catering sales on campus to be exempt from VAT. Three Unions received official letters from HMRC allowing this treatment and it has therefore been adopted as common practice for catering sales across most Students’ Unions. HMRC have recently said their letters were incorrect and Bar Catering should not be included. NUS, Bates Wells and several other Unions, including ours, have launched a legal challenge. Throughout the period of the dispute we have disclosed a contingent liability based on any payments to HMRC being less than 50% likely to arise and trust the inconsistent treatment across the industry will ensure this does not crystallise into a cost to the Union. Due to the time which has now elapsed, the liability is now considered to be £nil.

Designated funds are created when the Trustees themselves choose to ring fence funds for a particular project or purpose. Each year the Trustees consider the accumulated funds to make sure that they are satisfied that the Union is making best use of charitable funds. Note 24 shows that, at the end of the year, the Union had an unrestricted net current liability position of £79K (2024: £107K current assets).

- 16 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

Cashflow

The activities in 2024/25 utilised cash of £2K (2024: generated cash of £112K) as detailed in Note 27. The Cash Flow Statement shows other factors which have an impact on the cash reserves of the Union. During the year capital expenditure totalled £5K and, as reported above, £101K deficit repayments to the SUSS pension fund. The closing cash balance was £168K, a reduction of £108K from the previous year.

RESERVES POLICY

The Trustees monitor free reserves to ensure the Union has sufficient funds to meet any unexpected liabilities and to allow it to develop activities and operations in line with the strategy for the benefit of students. At the year end these stood at £85K in deficit. Block grant for 2025/26 will include a contribution to this deficit to reflect the redundancy costs incurred at the end of the year.

Total reserves as at the 31st July 2025 stood at a deficit of £854K ( 2024 : £965K). Restricted funds (due primarily to the pension fund liability) were at a deficit of £803K (2024 : £1,111K).

Designated reserves of £34K (2024: £32K) relate to balances held by Clubs and Societies.

Strict procedures are in place to ensure reserves are not committed unless there are available liquid funds. The Trustees also have the flexibility to release funds from designated reserves at any time.

Social enterprise activities are monitored to ensure they are consistent with the Union’s charitable objects. Whilst the long term aim is for these to break-eve or make a positive contribution to reserves they are currently operating at a deficit in financial terms but which are supported for their contribution to student welfare and well-being.

FUNDRAISING REPORT

The Union does not make direct fundraising appeals to its members. Our societies, on occasion, can carry out fundraising activities for their society funds and for external charities. We provide guidance to students based on the Union’s Bye-Law 6 (634) and our Fundraising Policy. No complaints were received concerning these fundraising activities.

CUSTODIAN ACTIVITIES

The Union act as custodian for funds raised by the Union’s many clubs and societies from their own activities and for their own use. +

- 17 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

REPORT OF THE TRUSTEES

YEAR ENDED 31 JULY 2025

TRUSTEES’ RESPONSIBILITIES

Charity law and University of Lancashire Students’ Union’s Articles of Association require us as Trustees to prepare Annual Financial Statements giving a true and fair view of the state of the affairs of the Union at its year-end and of the Union’s income and expenditure for the year. In preparing these statements we are required to: -

We are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable us to ensure that the Financial Statements comply with charity law and the requirements of the Union’s Board of Trustees and the University under the 1994 Education Act. We are also responsible for safeguarding the assets of the charity and ensuring their proper application in accordance with charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SMALL COMPANIES NOTE

In preparing this report, the Directors (Trustees) have taken advantage of the small companies' regime exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Board on 29 April 2026 and signed on its behalf.

Avery Greatorex President and Chair of the Board of Trustees

Stefanie Hartley Chief Executive Officer

- 18 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS YEAR ENDED 31 JULY 2025

Opinion

We have audited the financial statements of University of Lancashire Students’ Union (the ‘charity’) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon.

- 19 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS YEAR ENDED 31 JULY 2025

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the

- 20 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS YEAR ENDED 31 JULY 2025

preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team included:

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

- 21 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS YEAR ENDED 31 JULY 2025

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Timothy Cherry FCCA Senior Statutory Auditor On behalf of DJH Audit Limited 3rd Floor Pacific Chambers 11-13 Victoria Street Liverpool Merseyside L2 5QQ

- 22 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 JULY 2025

Note
INCOME FROM:
Voluntary income
3
Charitable activities
4
Other trading activities
5
Investments
6
Income from Operations
EXPENDITURE ON:
Charitable activities:
Membership
services
7-9
Primary purpose
trading
7-9
Expenditure from
Operations
Net Operating (Deficit) /
Surplus for the year
Pension Discount Unwinding
Surplus / (Cost)
11 /
21
Exceptional Expenditure
11
Net Result for the year
Surplus/(Deficit)
Total funds brought
forward
Reserves Transfer
20
Total funds carried forward		 2025
Restricted
Unrestricted
Total
£
£
£
-
1,380,000
1,380,000
901,718
592,089
1,493,807
-
8,123
8,123
-
-
-
901,718
1,980,212
2,881,930
834,820
1,376,406
2,211,226
77,511
688,576
766,087
912,331
2,064,982
2,977,313
(10,613)
(84,770)
(95,383)
206,236
-
206,236
-
-
-
195,623
(84,770)
110,853
(1,111,475)
146,847
(964,628)
113,066
(113,066)
-
(802,786)
(50,989)
(853,775)		 2024
Total
£
1,380,000
1,413,672
15,990
2,213
2,811,875
2,004,068
718,732
2,722,800
89,075
(47,700)
-
41,375
(1,006,003)
-
(964,628)

The charity has no recognised gains or losses other than the results as set out above. All of the activities of the charity are classed as continuing.

The notes on pages 26 to 45 form part of these financial statements.

- 23 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

BALANCE SHEET

Company No: 07623917

31 JULY 2025

Note
FIXED ASSETS
Tangible fixed assets
13
Investments
14
CURRENT ASSETS
Stock
15
Debtors
16
Cash at bank and in hand
CREDITORS:
Amounts due within one year
17
NET CURRENT ASSETS
Total assets less current liabilities
CREDITORS:
Amounts due after more than one year
18
NET ASSETS
24
FUNDS
Restricted funds
- Pension Deficit Reserve
- Students’ Societies & Club Funds
- Total Restricted Funds
Unrestricted funds
- General Funds
- Designated Funds
- Total Unrestricted Funds
TOTAL FUNDS
20		 31/07/2025
£
£
28,070
1
28,071
22,465
90,189
167,534
280,188
(346,803)
(66,615)
(38,544)
(815,231)
(853,775)
(915,725)
112,939
(802,786)
(85,439)
34,450
(50,989)
(853,775)		 31/07/2024
£
£
39,370
1
39,371
31,293
82,167
275,965
389,425
(271,463)
117,962
157,333
(1,121,961)
(964,628)
(1,222,533)
111,058
(1,111,475)
114,738
32,109
146,847
(964,628)		 31/07/2024
£
£
39,370
1
39,371
31,293
82,167
275,965
389,425
(271,463)
117,962
157,333
(1,121,961)
(964,628)
(1,222,533)
111,058
(1,111,475)
114,738
32,109
146,847
(964,628)
39,371
117,962
280,188
(346,803)		 389,425
(271,463)
157,333
(1,121,961)
(964,628)
(1,222,533)
111,058
(1,111,475)
114,738
32,109
146,847
(964,628)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

These financial statements were approved and signed by the Board of Trustees on 29 April 2026.

Avery Greatorex Stefanie Hartley President and Chair of the Board of Trustees Chief Executive Officer 29 April 2026 29 April 2026

The notes on pages 26 to 45 form part of these financial statements.

- 24 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

CASH FLOW STATEMENT

31 JULY 2025

Net cash (outflow)/inflow from operating
activities
27
Investing activities
Payments to acquire tangible fixed assets
Net cash flow from investing activities
Financing activities
Repayment of Pension Deficit
Interest received
Net cash flow from/ (used in) financing
activities
Increase/(Decrease) in cash and cash
equivalents
Cash and cash equivalents at start of year
Cash and cash equivalents at end of year		 2025
2024
(2,468)
112,321
(5,391))
(30,328)
(5,391)
(30,328)
__ _____
(100,572)
(95,780)
-
2,213
(100,572)
(93,567)
(108,431)
(11,574)
275,965
287,539
167,534
275,965

The notes on pages 26 to 45 form part of these financial statements.

- 25 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

1. GENERAL INFORMATION

University of Central Lancashire Students’ Union is a registered charity in England and Wales, with the charitable object of advancing the education of students at the University of Central Lancashire.

The charity is a private company limited by guarantee (Co No 07623917), with the registered office and principal address at Fylde Road, Preston, PR1 6BY.

2. ACCOUNTING POLICIES

(a) Accounting convention

The financial statements are prepared in accordance with the Companies Act 2006, Charities Act 2011, Statement of Recommended Practice ‘Accounting and Reporting by Charities’ 2019 (‘SORP’), and the Financial Reporting Standard 102.

The Trustees consider the charity to be a public benefit entity. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

(b) Incoming resources

All incoming resources are recognised in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income and the amount can be quantified with reasonable certainty. Incoming resources are not shown net of expenditure.

(c) Grants received

Revenue grants other than the block grant are credited to the SOFA in the year in which they are received. The block grant is credited to the SOFA in the year in which it is receivable. In the SOFA grants are shown as income and the related expenditure disclosed as appropriate.

(d) Resources expended

All expenditure is accounted for on an accruals basis and is stated net of VAT where this can be reclaimed.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs which can be directly allocated to activities and those costs of an indirect nature necessary to support them.

Costs are allocated between the expenditure categories of the SOFA based on usage of the resource.

- 26 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES (CONTINUED)

(d) Resources expended (continued)

Where costs cannot be directly allocated they are apportioned on an appropriate basis and recognised in SOFA. Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.

(e) Tangible fixed assets

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Alterations to premises – 25% p.a. straight line Fixtures and equipment – 25% - 33% p.a. straight line

Assets are capitalised if they cost more than £5,000 and are expected to last more than one year.

(f) Investments

Fixed asset investments are valued at cost.

(g) Stock

Stock is valued at the lower of the cost and its net realisable value.

(h) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

(i) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

(j) Financial Instruments

The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

- 27 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES (continued)

(k) Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

(l) Operating lease agreements

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.

(m) Accounting for Accumulated Funds

The Students’ Union has three distinct types of accumulated funds in its balance sheet: -

Restricted funds representing unspent funds at the end of the financial year to be spent on particular activities as specified by the donor.

Unrestricted general funds arising from the accumulated surplus from its various activities held to provide a measure of financial flexibility in the future.

Designated Funds are general funds set aside by the Board of Trustees for a specific purpose.

The income and expenditure are shown in the Statement of Financial Activities.

The assets and liabilities representing each fund are shown in the notes to the accounts.

(n) Pension costs

The Charity participates in the Students’ Union Superannuation Scheme, a multi-employer defined benefit pension scheme. Where it is not possible for the Charity to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme, it accounts for the scheme as a defined contribution scheme.

Where the scheme is in deficit and where the Charity has agreed, with the scheme, to participate in a deficit funding arrangement the Charity recognises a liability for this obligation. The amount recognised is the net present value of the contributions payable under the agreement that relate to the deficit. This amount is expensed in the Statement of Financial Activities and is held on the Balance Sheet as a restricted reserve.

The Union also participates in a defined contribution pension scheme administered by Aegon. A defined contribution plan is a pension plan under which the Charity pays fixed contributions into a separate entity. Once the contributions have been paid the Charity has no further payments obligations.

The contributions are recognised as an expense in the Statement of Financial Activities when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Charity in independently administered funds.

- 28 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

2. ACCOUNTING POLICIES (CONTINUED)

(o) Taxation

No provision is made in these accounts for corporation tax as the Union is exempt from such taxes as a result of its charitable status.

(p) Going concern

The Trustees are aware that the Union is technically insolvent due to the net liability position. However, this is caused by the pension creditor which is largely payable over the next 12 years. The Union is in a net current asset position and the Union continues to seek to generate funding from various trading activities but it will continue to be dependent on the support of the University of Central Lancashire for which the Trustees express their thanks on behalf of the members of the Union. There is no reason for the Union to believe this financial or non-monetary support from the University will not continue for the foreseeable future. In 2011 the Union and University agreed a Memorandum of Understanding between the organisations to support the continuing payment of the block grant and the non-monetary support.

(q) Judgements in applying accounting policies and key sources of estimation uncertainty

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation, and the physical condition of the assets. See note 13 for the carrying amount of alterations to premises and fixtures & equipment and note 2 (e) for the useful economic lives for each class of assets.

(ii) Multi-employer defined benefit pension scheme

The Charity participated in the Students’ Union Superannuation Scheme; a multi-employer defined benefit pension scheme with other Students’ Union organisations. In the judgement of the trustees, the Charity does not have sufficient information on the plan’s assets and liabilities to be able to reliably account for its share of the defined benefit obligations and plan assets. Therefore, the scheme is accounted for as a defined contribution scheme, see note 21 for further details.

The Charity must measure its defined benefit obligation on a discounted present value basis. The Charity must determine the rate used to discount the future payments by reference to market yields at the reporting date on high quality corporate bonds. The term of the corporate bonds shall be consistent with the estimated period of the future payments.

(iii) Treatment of Clubs and Societies

The Charity has significant control over the finances and activities of clubs and societies and therefore considers them to be part of the Charity. As such, it accounts for them as if the Union is the principal in transactions with income and expenditure being presented in the Statement of Financial Activities.

- 29 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

3. VOLUNTARY INCOME

Grant Funding
Grant Funding		 Restricted Unrestricted
Total
2025
£
£
£
-
1,380,000
1,380,000
-
1,380,000
1,380,000
Restricted Unrestricted
Total
2024
£
£
£
-
1,380,000
1,380,000
-
1,380,000
1,380,000

4. INCOME FROM CHARITABLE ACTIVITIES

Voice
Life
Membership Services
Primary Purpose Trading Activities
Total
Charitable activities
Direct Income from charitable activities
Benefit in kind –
Accommodation & Service
Clubs, Societies & SU Projects- Income		 Restricted Unrestricted
Total
2025
£
£
£
333,904
-
333,904
485,276
34,490
519,766
819,180
34,490
853,670
82,538
557,599
640,137
901,718
592,089
1,493,807
-
592,089
592,089
750,346
-
750,346
151,372
-
151,372
901,718
592,089
1,493,807

- 30 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

Restricted Unrestricted Total
2024
£ £ £
Voice 295,614 8,551 304,165
Community 476,385 28,548 504,933
Membership Services 771,999 37,099 809,098
Primary Purpose Trading Activities 73,073 531,501 604,574
Total 845,072 568,600 1,413,672
Charitable activities
Direct Income from charitable activities - 568,600 568,600
Benefit in kind –
Accommodation & Service 664,301 - 664,301
Clubs and Societies - Income 180,771 - 180,771
845,072 568,600 1,413,672
5. INCOME FROM OTHER TRADING ACTIVITIES
Restricted Unrestricted Total
2025
£ £ £
Marketing - 2,700 2,700
Digital Income - 5,333 5,333
Commission - 90 90
- 8,123 8,123
Restricted Unrestricted Total
2024
£ £ £
Marketing - 6,975 6,975
Digital income - 8,704 8,704
Commission - 311 311
- 15,990 15,990

- 31 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

6. INCOME FROM INVESTMENTS

Bank Interest
Bank Interest		 Restricted Unrestricted
Total
2025
£
£
£
-
-
-
-
-
-
Restricted Unrestricted
Total
2024
£
£
£
-
2,213
2,213
-
2,213
2,213
7. EXPENDITURE ON CHARITABLE ACTIVITIES EXPENDITURE ON CHARITABLE ACTIVITIES
Restricted and Unrestricted Expenditure by Theme
Restricted Unrestricted Total
2025
£ £ £
Membership Services
Voice 336,418 806,793 1,143,211
Life 489,890 569,613 1,059,503
Projects 8,512 - 8,512
834,820 1,376,406 2,211,226
Primary Purpose Trading Activities 77,511 688,576 766,087
912,331 2,064,982 2,977,313
Direct Costs Plus Benefit in Kind
Direct expenditure - 2,064,982 2,064,982
Clubs and Societies - Expenditure 153,473 - 153,473
Benefit in Kind – Accom & Services 750,346 - 750,346
Projects 8,512 - 8,512
912,331 2,064,982 2,977,313

- 32 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

Restricted and Unrestricted Expenditure by Theme
Restricted
Unrestricted
Total
2024
£
£
£
Membership Services
Voice
297,839
719,164
1,017,003
Life
472,898
513,577
986,475
Projects
590
-
590
771,327
1,232,741
2,004,068
Primary Purpose Trading Activities
68,623
650,109
718,732
839,950
1,882,850
2,722,800
Direct Costs Plus Benefit in Kind
Direct expenditure
-
1,882,850
1,882,850
Clubs and Societies - Expenditure
175,059
-
175,059
Benefit in Kind – Accom & Services
664,301
-
664,301
Projects in membership services
590
-
590
839,950
1,882,850
2,722,800
8.
CHARITABLE ACTIVITIES
Direct & Support Expenditure by Theme
Activities
undertaken
directly
Support
costs
Total
2025
£
£
£
Membership Services
Voice
961,961
181,250
1,143,211
Life
878,252
181,251
1,059,503
Projects
8,512
-
8,512
1,848,725
362,501
2,211,226
Primary Purpose Trading Activities
721,283
44,804
766,087
Total
2,570,008
407,305
2,977,313
Activities
undertaken
directly
Support
costs
Total
2024
£
£
£
Membership Services
Voice
851,449
165,554
1,017,003
Community
820,921
165,554
986,475
Projects
590
-
590
1,672,960
331,108
2,004,068
Primary Purpose Trading Activities
677,809
40,923
718,732
Total
2,350,769
372,031
2,722,800		 Restricted and Unrestricted Expenditure by Theme
Restricted
Unrestricted
Total
2024
£
£
£
Membership Services
Voice
297,839
719,164
1,017,003
Life
472,898
513,577
986,475
Projects
590
-
590
771,327
1,232,741
2,004,068
Primary Purpose Trading Activities
68,623
650,109
718,732
839,950
1,882,850
2,722,800
Direct Costs Plus Benefit in Kind
Direct expenditure
-
1,882,850
1,882,850
Clubs and Societies - Expenditure
175,059
-
175,059
Benefit in Kind – Accom & Services
664,301
-
664,301
Projects in membership services
590
-
590
839,950
1,882,850
2,722,800
8.
CHARITABLE ACTIVITIES
Direct & Support Expenditure by Theme
Activities
undertaken
directly
Support
costs
Total
2025
£
£
£
Membership Services
Voice
961,961
181,250
1,143,211
Life
878,252
181,251
1,059,503
Projects
8,512
-
8,512
1,848,725
362,501
2,211,226
Primary Purpose Trading Activities
721,283
44,804
766,087
Total
2,570,008
407,305
2,977,313
Activities
undertaken
directly
Support
costs
Total
2024
£
£
£
Membership Services
Voice
851,449
165,554
1,017,003
Community
820,921
165,554
986,475
Projects
590
-
590
1,672,960
331,108
2,004,068
Primary Purpose Trading Activities
677,809
40,923
718,732
Total
2,350,769
372,031
2,722,800		 Restricted and Unrestricted Expenditure by Theme
Restricted
Unrestricted
Total
2024
£
£
£
Membership Services
Voice
297,839
719,164
1,017,003
Life
472,898
513,577
986,475
Projects
590
-
590
771,327
1,232,741
2,004,068
Primary Purpose Trading Activities
68,623
650,109
718,732
839,950
1,882,850
2,722,800
Direct Costs Plus Benefit in Kind
Direct expenditure
-
1,882,850
1,882,850
Clubs and Societies - Expenditure
175,059
-
175,059
Benefit in Kind – Accom & Services
664,301
-
664,301
Projects in membership services
590
-
590
839,950
1,882,850
2,722,800
8.
CHARITABLE ACTIVITIES
Direct & Support Expenditure by Theme
Activities
undertaken
directly
Support
costs
Total
2025
£
£
£
Membership Services
Voice
961,961
181,250
1,143,211
Life
878,252
181,251
1,059,503
Projects
8,512
-
8,512
1,848,725
362,501
2,211,226
Primary Purpose Trading Activities
721,283
44,804
766,087
Total
2,570,008
407,305
2,977,313
Activities
undertaken
directly
Support
costs
Total
2024
£
£
£
Membership Services
Voice
851,449
165,554
1,017,003
Community
820,921
165,554
986,475
Projects
590
-
590
1,672,960
331,108
2,004,068
Primary Purpose Trading Activities
677,809
40,923
718,732
Total
2,350,769
372,031
2,722,800
771,327
1,232,741
2,004,068
68,623
650,109
718,732
839,950
1,882,850
2,722,800
-
1,882,850
1,882,850
175,059
-
175,059
664,301
-
664,301
590
-
590
839,950
1,882,850
2,722,800
Activities
undertaken
directly
Support
costs
Total
2025
£
£
£
961,961
181,250
1,143,211
878,252
181,251
1,059,503
8,512
-
8,512
1,848,725
362,501
2,211,226
721,283
44,804
766,087
2,570,008
407,305
2,977,313
Activities
undertaken
directly
Support
costs
Total
2024
£
£
£
851,449
165,554
1,017,003
820,921
165,554
986,475
590
-
590
1,672,960
331,108
2,004,068
677,809
40,923
718,732
2,350,769
372,031
2,722,800

- 33 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

9. Charitable activities Charitable expenditure by cost type

Cost of Sale/Activity Costs
Wages & Salaries
Training and Subsistence
Other employment costs
NUS Affiliation Fee
Club & Society Support
Administration
Insurance
Repairs and Maintenance
Essential Materials
Equipment and software
Advertising & Promotions
Financial Costs
Professional Fees
Benefit in Kind - Accommodation
& Services
Depreciation - Refurbishment
Depreciation - Equipment
Restricted Project Costs
Restricted Club and Society Costs
Central Support Cost Allocation
Total		 Membership
Services
Primary
Purpose
Trading
Activities
Central
Support
Costs
Total
2025
£
£
£
£
54,610
227,565
345
282,520
910,567
328,477
224,313
1,463,357
1,552
-
10,534
12,086
7,174
(102)
15,471
22,543
-
-
32,405
32,405
245
-
-
245
805
9
5,013
5,827
3,697
-
25,540
29,237
887
11,948
3,070
15,905
12,036
28,725
4,085
44,846
14,785
8,273
11,531
34,589
21,483
9,624
395
31,502
3,589
10,643
13,941
28,173
2,509
5,964
36,583
45,056
652,801
75,035
22,510
750,346
-
10,540
-
10,540
-
4,582
1,569
6,151
8,512
-
-
8,512
153,473
-
-
153,473
1,848,725
721,283
407,305
2,977,313
362,501
44,804
(407,305)
2,211,226
766,087
-
2,977,313

- 34 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

9. Charitable activities (continued) Charitable expenditure by cost type

Cost of Sale/Activity Costs
Wages & Salaries
Training and Subsistence
Other employment costs
NUS Affiliation Fee
Club & Society Support
Administration
Insurance
Repairs and Maintenance
Essential Materials
Equipment and software
Advertising & Promotions
Financial Costs
Professional Fees
Benefit in Kind - Accommodation
& Services
Depreciation - Refurbishment
Depreciation - Equipment
Restricted Project Costs
Restricted Club and Society Costs
Central Support Cost Allocation
Total		 Membership
Services
Primary
Purpose
Trading
Activities
Central
Support
Costs
Total
2024
£
£
£
£
51,242
245,680
1,954
298,876
742,325
289,289
226,487
1,258,101
8,882
690
7,138
16,710
7,378
(474)
10,950
17,854
35,947
-
-
35,947
1,841
-
-
1,841
1,720
1,099
(291)
2,528
2,964
-
24,196
27,160
-
10,910
2,625
13,535
18,583
27,933
5,100
51,616
19,310
11,738
17,109
48,157
22,760
(3,237)
1,065
20,588
3,752
10,582
27,420
41,754
2,665
2,692
25,446
30,803
577,942
66,430
19,929
664,301
-
9,694
-
9,694
-
4,783
2,903
7,686
590
-
-
590
175,059
-
-
175,059
1,672,960
677,809
372,031
2,722,800
331,108
40,923
(372,031)
2,004,068
718,732
-
2,722,800

- 35 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

10. GOVERNANCE COSTS

Audit
HR / Change Management Support
Trustee Recruitment
Insurance
Travel Expenses
Board away days
Board expenses
Gifts
Training
Statutory filing fee		 Total
Total
2025
2024
£
£
8,520
8,520
6,948
-
4,425
-
1,445
1,445
-
59
568
1,563
-
31
-
59
4,179
4,193
68
13
26,153
15,883

11. EXCEPTIONAL AND SIGNIFICANT ITEMS

SUSS Pension Unwinding/Revaluation Restricted
Unrestricted
Total
2025
£
£
£
(206,236)
-
(206,236)
(206,236)
-
(206,236)
SUSS Pension Unwinding/Revaluation Restricted
Unrestricted
Total
2024
£
£
£
47,700
-
47,700
47,700
-
47,700

- 36 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

12. STAFF COSTS AND NUMBERS

Wages and salaries
National insurance
Pension costs
Redundancy costs		 Total
Total
2025
2024
£
£
1,238,099
1,084,222
110,671
83,278
174,792
90,601
50,867
-
1,574,429
1,258,101

Key management personnel, as disclosed on page 1, received remuneration of £170,311 (2024: £158,976).

For the year ended 31 July 2025 and 31 July 2024 no employee received remuneration in excess of £60,000.

The average number of staff employed by the charity was:

Full time staff
Student staff
13. FIXED ASSETS
Cost
As at 1 August 2024
Additions
Disposals
As at 31 July 2025
Accumulated depreciation
As at 1 August 2024
Charge for the year
On Disposals
As at 31 July 2025
Net book value
31 July 2025
31 July 2024		 2025
2024
No.
No.
33
35
47
39
80
74
Alterations
to
premises
Fixtures &
equipment
Total
£
£
£
1,096,829
570,671
1,667,500
-
5,391
5,391
-
-
-
1,096,829
576,062
1,672,891
1,069,958
558,172
1,628,130
10,540
6,151
16,691
-
-
-
1,080,498
564,323
1,644,821
16,331
11,739
28,070
26,871
12,499
39,370		 2025
2024
No.
No.
33
35
47
39
80
74

- 37 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

14. FIXED ASSET INVESTMENT

Investment in Total
subsidiaries
Cost £ £
As at 1 August 2024 and 31 July 2025 1 1
2025 2024
Name of company Equity held Equity held
% %
Investments in subsidiaries
53 Degrees Events Limited 100% 100%
Aggregate of
share capital Profit for
Turnover
and reserves		 the year
£
£
£
53 Degrees Events Limited - dormant - 1
-
15. STOCK
2025 2024
£ £
Bar 9,393 14,505
Atrium stock 5,711 4,925
Clothing stock 7,361 11,863
22,465 31,293
16. DEBTORS
2025 2024
£ £
Prepayments and accrued income 55,483 40,103
University debtor 7,777 10,997
Other debtors 26,929 31,067
90,189 82,167

- 38 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

17. CREDITORS: Amounts falling due within one year

Trade creditors
University creditor
Social security and other taxes
Other creditors
Accruals and deferred income
Pension liability		 2025
2024
£
£
17,066
25,703
3,630
42,260
68,938
25,312
72,297
48,131
84,378
29,485
100,494
100,572
346,803
271,463

18. CREDITORS: Amounts falling due after more than one year

Pension liability
Repayment due as follows:
Due 1-2 Years
Due 2-5 Years
Due 5+ Years		 2025
£
815,231
815,231
107,865
327,117
380,249
815,231		 2024
£
1,121,961
1,121,961
105,600
349,548
666,813
1,121,961

Please refer to note 21 for further details on the pension liability such as repayment terms and discount rate.

19. FINANCIAL INSTRUMENTS

Financial liabilities measured at amortised cost:

Financial liabilities measured at present value:
Pension deficit		 2025
£
915,275
915,275		 2024
£
1,222,533
1,222,533

- 39 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

20. RESERVES

Restricted Funds
Pension Deficit Fund
Benefit in kind –
Accommodation and Service
Clubs and Societies
Student Union Projects
Total Restricted Funds
Unrestricted Funds
Accumulated General Fund
Total General Funds
Designated funds
Film and arts designated
fund
Hardship funds
Clubs and Societies bidding
reserve
Clubs and Societies archived
Development Sport
Total Designated Funds
Total Unrestricted Funds
Total Funds		 At 1
August
2024
Incoming
resources
Resources
expended
Transfers
At 31 July
2025
£
£
£
£
£
(1,222,533)
206,236
-
100,572
(915,725)
-
750,346
(750,346)
-
-
92,003
138,956
(153,473)
11,719
89,205
19,055
12,416
(8,512)
775
23,734
(1,111,475)
1,107,954
(912,331)
113,066
(802,786)
114,738
1,964,756
(2,051,867)
(113,066)
(85,439)
114,738
1,964,756
(2,051,867)
(113,066)
(85,439)
3,395
-
(3)
-
3,392
4,563
15,456
(13,112)
-
6,907
22,412
-
-
-
22,412
1,739
-
-
-
1,739
-
-
-
-
-
32,109
15,456
(13,115)
-
34,450
146,847
1,980,212
(2,064,982)
(113,066)
(50,989)
(964,628)
3,088,166
(2,977,313)
-
(853,775)

- 40 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

20. RESERVES (continued)

Pension Deficit Fund

The Union is a member of the Student Union Superannuation Scheme, a multi-employer defined benefit pension scheme. The fund value of £916k represents the Union’s share of the scheme’s deficit at a net present value, which has a recovery plan running until 2037. (Note 21 – Pensions, for more details.) Following a full review, the trustees decided to transfer this fund from general funds to restricted funds to illustrate the rules placed on the deficit, for which, the trustees are bound.

Benefit in Kind – Accommodation & Services

The Students’ Union occupies two university buildings which are fully maintained and serviced by the University. The non-monetary total for this support is £664k and is reported in the Statement of Financial Activities income and expenditure, page 23 and detailed in notes 4, 6 and 8.

Clubs and Society Funds

Funds raised by individual clubs and societies are recognised as restricted funds through the Statement of Financial Activities in the year the Union is entitled to the income. Expenditure is recognised against these funds in the year with any unspent funds being recognised as restricted funds available to the individual clubs and societies in future periods.

General Funds

Unrestricted general funds arising from the accumulated surplus from its various activities held to provide flexibility in the future.

Sports Ball funds

Made from Sports Ball surpluses, this fund is used to support clubs and societies with a long-term investment need. This fund is continuous.

Clubs and Societies Designated Bidding/ Archived Reserves

The funds of groups inactive for two or more years are transferred to an archive reserve and held for release to Groups who can bid for these funds for investment into their Club or Society benefiting students on many levels.

Film and Arts Designated Fund

The Students' Union received a 'one-off' grant of funds from the University in 2008 in order to support the continued presentation of films by the Union's Film Society in the 'Mitchell and Kenyon Cinema' on Campus. As this remains unused the University have lifted their restriction and these funds have been designated for the general film and arts spend.

Student Union Projects

These are funds ring fenced for small projects to benefit students and the community.

Development Sport

The organisation has sponsored indoor cricket, rugby, basketball and baseball for Sport development which was invoiced in July 2023 and paid in this financial year. Unpaid invoices are held in this reserve until they are paid to ensure the group collects the funds owing.

- 41 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

20. RESERVES (continued)

2024 Reserves Movement

Restricted Funds
Pension Deficit Fund
Benefit in kind –
Accommodation and Service
Clubs and Societies
Student Union Projects
Total Restricted Funds
Unrestricted Funds
Accumulated General Fund
Total General Funds
Designated funds
Film and arts designated
fund
Sport Ball funds
Clubs and Societies bidding
reserve
Clubs and Societies archived
Development Sport
Total Designated Funds
Total Unrestricted Funds
Total Funds		 At 1
August
2023
Incoming
resources
Resources
expended
Transfers
At 31 July
2024
£
£
£
£
£
(1,270,614)
-
(47,700)
95,781
(1,222,533)
-
664,301
(664,301)
-
-
59,973
173,540
(175,059)
33,549
92,003
12,414
7,231
(590)
-
19,055
(1,198,227)
845,072
(887,650)
129,330
(1,111,475)
135,922
1,966,803
(1,881,132)
(106,855)
114,738
135,922
1,966,803
(1,881,132)
(106,855)
114,738
5,113
-
(1,718)
-
3,395
4,563
-
-
-
4,563
22,412
-
-
-
22,412
19,196
-
-
(17,457)
1,739
5,018
-
-
(5,018)
-
56,302
-
(1,718)
(22,475)
32,109
192,224
1,966,803
(1,882,850)
(129,330)
146,847
(1,006,003)
2,811,875
(2,770,500)
-
(964,628)

- 42 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

21. PENSIONS

The Charity participates in the Student Union Superannuation Scheme, a multiemployer defined benefit pension scheme whose membership consists of employees of students' unions and related bodies throughout the country. With effect from 30 September 2011 the scheme closed to future accrual.

The employers share the actuarial risks associated with all members of the scheme. The Charity is not legally responsible for the scheme and does not have sufficient information to use defined benefit accounting. Accordingly, the scheme is accounted for as if it is a defined contribution scheme.

The Charity and the other employers are jointly and severally liable for the scheme’s deficit. At 30 June 2019, the scheme overall deficit was £140.9 million when a recommended monthly contribution was set for each participating employer. The figure has been reviewed by the scheme trustees on a regular basis and it is now estimated that the ongoing deficit will be cleared by January 2034; the level of contributions from each student union has been set at a level increasing by 5% each year in order to achieve this.

A liability of £915,275 ( 2024: £1,222,533 ) has been recognised for University of Lancashire SU, representing the present value of the additional contributions payable between the year-end and January 2034, with the resulting movement recognised in the Statement of Financial Activity under the heading of ‘Pension Discount Unwinding’ reporting a gain of £206,236 (2024: cost of £47,700). The discount rate used to calculate this liability was 5.08%.

As the SUSS is closed to future accrual there were no employer contributions paid into the scheme by the Union for the year ended 31 July 2025 (2024 : £nil); the Union does however continue to pay funding towards the deficit. For the year ended 31 July 2025, these contributions amounted to £100,572 (2024: £95,780).

The Union also participates in two other defined contribution schemes. The assets of these schemes are held separately from those of the company in an independently administered fund.

22. RELATED PARTY TRANSACTIONS

The Union is a registered charity for the purposes of the Charities Act 1993. The Union is in receipt of a recurrent grant from the University of Central Lancashire (UCLan) of £1,380,000 (2024: £1,380,000).

In addition, the Union occupies its building on a rent-free basis under an informal licence subject to the Union maintaining the building in a good state of repair. In accordance with the Charities SORP (2015), the trustees have estimated that the provision of space and associated services is worth £750,346 (2024: £664,301) to the Union and have recognised this amount in the Statement of Financial Activities. Amounts due from the University at 31 July 2025 were £7,777 (2024: £10,997). Amounts due to the University at 31 July 2025 were £3,630 (2024 : £42,260).

The Elected Officers receive remuneration for their services as provided for within the Articles of Association. The aggregate amount payable under such contracts in the year was £88,012 (2024: £81,729). In addition, the Union has paid Trustees’ liability insurance of £1,445. (2024: £1,445).

- 43 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

23. CONTROLLING PARTY

Control of the Union rests with the Student Council which is made up of an elected chairperson and elected student representatives. The Council decides on Union policy, mandates the trustees to put policies into action and ensures the Board of Trustees keep standards high across all aspects of the Union.

24. NET ASSETS BY FUNDS

Tangible Fixed Assets
Investments
Net Current Assets/ (Liabilities)
Liabilities due after more than one year
Total Funds
Available Reserves
Accounting Reserves
Total Reserves
Tangible Fixed Assets
Investments
Net Current Assets
Liabilities due after more than one year
Total Funds
Available Reserves
Accounting Reserves
Total Reserves		 Restricted
Unrestricted
Total
2025
£
£
£
-
28,070
28,070
-
1
1
12,445
(79,060)
(66,615)
(815,231)
-
(815,231)
(802,786)
(50,989)
(853,775)
112,939
(50,989)
61,950
(915,725)
-
(915,725)
(802,786)
(50,989)
(853,775)
Restricted
Unrestricted
Total
2024
£
£
£
-
39,370
39,370
-
1
1
10,486
107,476
117,962
(1,121,961)
-
(1,121,961)
(1,111,475)
146,847
(964,628)
111,058
146,847
257,905
(1,222,533)
-
(1,222,533)
(1,111,475)
146,847
(964,628)

- 44 -

UNIVERSITY OF LANCASHIRE STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

25. COMMITMENTS UNDER OPERATING LEASES

At 31 July 2025 the Students' Union had no outstanding obligations under non-cancellable operating leases (2024: none).

26. TRUSTEES’ REMUNERATION AND EXPENSES

The Union’s 4 Elected Officers were paid an average of £23,201 (2024: £20,432) for the year, as authorised in the Union's governing document, for the representation, campaigning, and support work they undertake as distinct from their trustees’ responsibilities. This work includes voicing student opinion with the institution and local community, defending and extending the right of the students through petitions, discussion with MPs and also organising and supporting student volunteers and service provision for them. The total salary and NI costs for the elected officer team amounted to £104,676 (2024: £89,027). Included within these totals are employer pension contributions of £3,261 (2024: £1,040).

No other trustee received any benefits during the year.

Trustees were reimbursed a total of £nil (2024 - £nil) for the year in respect of personal travel and subsistence expenses.

27. RECONCILIATION OF OPERATING CASH FLOW

Cash flows from operating activities
Surplus for the financial year
Adjustments to reconcile profit for the year to net cash from
operating activities
Interest received
Depreciation
(Increase)/decrease in inventories
Decrease in trade and other debtors
Increase in trade and other creditors
Add back Pension Discount Unwinding Costs
Cash generated from operating activities		 2025
£
110,853
-
16,691
8,828
(8,022)
75,418
(206,236)
(2,468)		 2024
£
41,375
(2,213)
17,380
(8,635)
(387)
17,101
47,700
112,321

28. CONTINGENT LIABILITY

As detailed in the Trustees’ Report, the Union is subject to a possible claim from HMRC in relation to the treatment of catering sales in some of its commercial trading outlets. The Students’ Union, along with other Students’ Unions and the NUS, is legally challenging the basis for HMRC’s potential claim, which management and the Trustees now estimate to be £nil due to the time which has elapsed. At the reporting date and approval of the financial statements, the claim is considered to be to be possible rather than probable and therefore no provision has been included in the accounts.

- 45 -